Govt presents deficit budget worth Rs 79,472 cr

JAMMU: The State Government today presented Rs 79,472 crore deficit budget laying emphasis on pro-employees welfare initiatives, including the implementation of 7th Pay Commission from April next year.

State Finance Minister Haseeb Drabu in his Budget speech in the Assembly said the focus will be on timely rollout of projects under PMDP to the tune of Rs 80,000 crore for development and reconstruction of physical and economic infrastructure.

Various initiatives were also announced including insurance to Government properties, crops, heritage properties and various types of financial aid for workforce in different sectors.

“During 2017-18, the State Government intends to spend almost Rs 79,472 crore. Of this, developmental expenditure would be about Rs 31,000 crore and current expenditure would be almost Rs 49,000 crore,” Drabu said.

“This level of expenditure will be financed through non debt creating receipts of Rs 58,000 crore and about Rs 18,000 crore of borrowings,” he said. (AGENCIES)